Markets set to open positive on firm global cues

The Indian markets are set to witness a positive opening mirroring a mostly positive trend in the Asian peers. SGX Nifty is trading 13.00 points higher.

The markets are likely to rise in the early trade as Modi swearing in as the Prime Minister will be partly reflected in the market movement but will remain range bound as no major triggers will hit the market later today.

India’s NSE index closed at a record high on Thursday, recovering from falls in the prior session as investors resumed buying stocks of companies expected to benefit from an economic recovery, and as Coal India Ltd surged on hopes it would be privatised. The BSE Sensex gained 0.31% and NSE Nifty rose 0.32% for the day.

On Friday (May 23, 2014) Sensex closed at 24693.35, up by 318.95 points, while the Nifty rose 90.70 points to close at 7367.10.

Global Market

Asian shares hit one-year high on Monday thanks to a strong session on Wall Street and a decisive win for billionaire Petro Poroshenko in Ukraine’s presidential election.

US stocks gained for the third day on Friday, lifting the S&P 500 to a record finish.

European shares closed mixed on Friday, having wavered throughout the day, after weak German business morale figures capped any significant gains.